OREANDA-NEWS. March 11, 2014. Sales revenue: EUR 9.240bn (+6.4% like for like), driven by nuclear operations (+7.1% like for like)

Increase in EBITDA(1): EUR 1.043bn (+EUR 291m vs. 2012)

Very significant improvement in free operating cash flow(2): EUR 204m (+EUR 927m vs. 2012)

Negative net income attributable to equity owners of the parent: - EUR 494m due to provisions and Renewable Energies losses

Outlook of positive free operating cash flow before tax in 2014 and up significantly in 2015-2016, despite uncertain short-term environment

The AREVA Supervisory Board met today under the chairmanship of Pierre Blayau to examine the financial statements submitted by the Executive Board for the period ended December 31, 2013. Chief Executive Officer Luc Oursel offered the following comments on these results:

"The group reached a major milestone in 2013 in turning performance around by meeting a key objective of the Action 2016 plan: the return to breakeven of free operating cash flow.  For the first time since 2005, cash generated by our operations allowed us to fully fund strategic capital expenditures essential to the group’s profitable growth. To achieve this result, we built on robust growth in nuclear operations, on contributions from our cost reduction plan and on strict management of capital spending.

However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income.

On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage.

We continue to implement the Action 2016 plan to pursue the group’s recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, we forecast further performance improvement and significant growth in cash flow generation by the end of the plan.

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(1)Restated in 2012 for the asset disposal plan and the OL3 insurance indemnity

(2)Restated for the asset disposal plan in 2012